Currencies
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IG spreads are still resilient but signs suggest macro headwinds are taking a toll -
◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did
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Finnish issuer ended an 18-month hiatus in the currency to bag savings versus euros
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◆ Nationwide adds Swissies to non-pref funding mix ◆ Busy pipeline of Swiss deals across asset classes
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UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years
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Muted SSA market welcomes European pair
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◆ Sub sale sealed with single digit concession ◆ Strong demand paves way for more tier two trades to follow ◆ Proceeds could fund tier two call next year
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◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
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ABS, and euro and dollar covered bonds, may be preferred instead
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Caterpillar takes £500m a day after Mercedes-Benz reopens market
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Cantonal bank slipped into the market ahead of next week's Pfandbriefzentrale syndication
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Bank debt capital is a hot commodity again across the globe. The AT1 layer, in its current form, has fulfilled its modus operandi
